Stocks edge up as Biden spending plan boosts U.S. outlook

Stocks edge up as Biden spending plan boosts U.S. outlook

Via Reuters:

Stocks crept higher on Thursday following their weakest quarter in a year, while higher Treasury yields supported the dollar, as investors parsed the details of a $2 trillion U.S. government spending plan and hoped for strong jobs data later in the week.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6% after a modest drop on Wednesday. Japan’s Nikkei rose 1.3% as a survey showed big manufacturers’ mood bouncing back to pre-pandemic levels.

Ten-year U.S. Treasuries, which had suffered their biggest selloff in a dozen years last quarter, remained under pressure and yields crept as high as 1.753%, while the dollar stood just shy of a one-year peak on the yen at 110.685.

On the heels of a $1.9 trillion pandemic relief package, President Joe Biden on Wednesday outlined a broad plan to re-make the world’s biggest economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture.

“We’ll probably see more spending power from the stimulus than drag from the (accompanying) taxes,” said Jun Bei Liu, portfolio manager at Tribeca Investment Partners in Sydney.

“And if anything the higher taxes probably limit future inflationary pressure, and in a strange way might even help bond yields to stabilise where they are.”

It is not clear if the plan could clear Congress, since it has had an icy reception from Republicans, however, the breadth of the proposed spending did help draw investors back to technology shares overnight, and the Nasdaq rose 1.5%. [.NDX]

Biden’s plan includes a $174 billion investment in electric vehicles, and Tesla led gains with a 5% jump, while Apple rose 1.9% and Microsoft lifted 1.7%.

“We’re just seeing a bit of momentum in people picking up some of the left-behind sectors, which is growth, and that will flow through into Asia.”

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